Oil Glut Concerns Cloud Price Outlook Despite Geopolitical Risks
A looming oil supply glut is weighing on the price outlook despite heightened geopolitical risks, prompting major Wall Street banks to lower their crude forecasts for this year and next.
A survey compiled by The Wall Street Journal--which includes projections from Goldman Sachs, JPMorgan and Morgan Stanley--showed Brent crude is expected to average $63.57 a barrel in the fourth quarter, while West Texas Intermediate is seen at $60.30 a barrel. That is down from last month's projections of $64.13 and $61.11, respectively...
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